OIEO bidding

hazyjo

eddddy wrote: »

I would start the conversation with something like "It's a great flat, but £260k is a little bit more than I can afford. Is it worth me putting an offer in at £255k?"

You can always miraculously find a bit more money later, to increase your offer.

If you and the seller can agree on a price, you'll then have to negotiate on how to move forward because of the tenants.

I find it easier to be firm and say 'I'm prepared to offer £X amount. If you start saying it's all I/we can afford, they'll bang on with 'come see our mortgage adviser, see what they can do... blah blah blah'. It doesn't have to be at the top of your budget for you not to want to pay it. I'd just stand firm and definitely wouldn't say 'is it worth me putting an offer in at...'. Just put the offer in at £255k.


Also would want tenants out before spending too much.


OIEO works if there's loads after it and it sells at a higher price. If it's been up a while or there's not loads of interest, they'll prob accept less.


Jx

PawelK

Thanks AnotherJoe and hazyjo.

The latest update is that they called me this morning before I managed to call them at lunch. Could that mean anything? Anyhow, I mentioned I liked the property and asked on what grounds they are confident the tenants will leave next month and that I would need to see the property again once empty before exchanging. At the end I had to send an email with this and few more questions as the line was bad and unfortunately the person who was showing me around was ooo so have to wait until tomorrow for the answers. Another sleepless night. ;-)

At the same time I have arranged to see a very similar flat in the block next to tomorrow after work which interestingly is advertised as £280 and (a different) ea confirmed on the phone that it was already reduced from £290.

PawelK

Hello.

Firstly, apologies for writing off the subject but couldnt change it and wanted to keep in the same thread.

After being accepted (long story rollercoaster type), my broker sent a mortgage application and I am due to pay a small deposit to my solicitors to start their work. What I do want to know is, whether I should wait with this until my home buyer survey is complete and I have either peace of mind or can pull out (in case of any bad findings) before my solicitors incur any further costs? At the same time I dont want to delay the process but the flat is currently tenanted (current owner bought as btl and apparently gave notice due on 19th June) and when viewing it was in a good state throughout but surprisingly cheaper than similar flats in the blocks next to. Perhaps I could just phone the agency and ask if I can have my survey done while tenants are still in there?

Any help appreciated.

ThePants999

The standard recommendation is to do absolutely nothing while tenants are in there, since you have no idea how long it'll take to get them out.

You'll need to decide for yourself whether your situation vis-a-vis the seller will cause them to sell to someone else if you do that, though.